Understand how your firm is performing
Track your firm’s utilisation, realisation, and collection rates— how much billable work you’re doing, how much revenue you’re losing, and how much revenue you’re making—as outlined in the Legal Trends Report. Find out how your firm is performing in an easy-to-understand visual dashboard.
Find out where time is spent
Understand how much your firm’s work day is spent on billable work. See where you can identify opportunities to adjust workflows and better allocate resources.
Know how much you could be billing
Find out how much money you may be losing due to write-offs. Get the hard numbers of which hours ends up on an invoice. Identify where your firm is doing work it doesn’t end up charging for.
Pinpoint what is driving revenue at your firm
In seconds, get insight into how your firm is performing.
Track firm revenue
Understand what your firm is actually collecting from invoices. Use performance metrics to see if you should be asking for larger retainers, offering flexible payment plans, or using other reliable payment methods.
Measure firm performance over time
Identify what is driving firm performance. See the data over a specific timeframe, and identify trends and changes over time—so you can plan annual budgets, invest in headcount, and set aside resources.
Understanding key business metrics for law firm growth
The 2019 Legal Trends Report found that, utilisation, realisation, and collection rates are the most important indicators of law firm growth. Below are the industry averages as outlined in the report.
Number of billable hours worked divided by number of hours in a day
Number of billable hours invoiced divided by the number of billable hours worked
Number of hours collected divided by the number of hours invoiced
What is utilisation rate?
Utilisation rate measures how much of the day is spent doing billable work in comparison to the available hours in the day.
It’s a vital metric that allows a law firm to determine how much of a lawyer’s day is spent on revenue-generating work compared to other activities.
What is realisation rate?
Realisation rate measures how much billable work ultimately gets billed after time recording, discounts, write-offs, and other variables.
What is collection rate?
Collection rate measures how much billed work has been collected.
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See how Clio's law firm performance dashboard can help your law firm get organised and practice more efficiently.